Bitcoin prices recovered on Monday after falling to $ 5,787 on Sunday, marking its lowest price so far in 2018, with Japan’s regulator calling for improved measures across the board.
By ICDST. Bitcoin fell to $ 5,787 on Sunday, down more than 70% from its December high of almost $ 20,000.
The drop in prices follows the announcement that Japan’s Financial Services Agency (FSA) has ordered six crypto trading platforms to improve their businesses and some security issues these currencies always face.
Companies must submit their plans by July 23, according to FSA.
“The market continues to be on a downtrend and has not yet managed to exit which makes it vulnerable to massive sales,” said Ryan Rabaglia, chief negotiator for the cryptocurrency firm Octagon Strategy Ltd. in Hong Kong. “Although the market has reacted negatively, I see this as positive for the industry as a whole.”
Bitflyer, QUOINE, BitBank, BTCBOX, BITPoint Japan and Tech Bureau were the trading platforms penalized by the FSA.
Wednesday night, millions of dollars were sold following the announcement of a security breach Bithumb, based in South Korea. The platform announced Wednesday morning in Asia that it was hacked and that cryptocurrencies worth 35 billion won ($ 31.5 million) were stolen.
